TMI BlogCondonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No.10B for Assessment Year 2018-19 and subsequent yearsX X X X Extracts X X X X X X X X Extracts X X X X ..... tral Board of Direct Taxes New Delhi, the 3 January, 2020 Sub: Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No.10B for Assessment Year 2018-19 and subsequent years- Reg. Under the provision of section 12A of Income Tax Act, 1961 (hereafter 'Act') where the total income of a trust or institution as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Form no. 10B . As per Rule 12(2) of the Rules, such audit report is to be furnished electronically. The failure to furnish such report in the prescribed from along with the return of income results in disentitlement of the trust or institution from claiming exemption under sections 11 and 12 of the Act . 3. Representations have been received by the Board/field authorities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers conferred under section 119(2) of the Act , the Central Board of Direct Taxes vide Circular No. 10/ 2019 dated 23 rd May, 2019 and Circular No.28/2019 dated 27th September, 2019 both issued vide FENo.197/55/2018-ITA-I has directed that . (i) The delay in filing of Form no. 10B for A.Y. 2016-17 and AY. 2017-18, in all such cases where the Audit Report for the previous y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e there is delay of upto 365 days in filing Form No. 10B for Assessment Year 2018-19 or for any subsequent Assessment Years, the Commissioners of Income-tax are hereby authorized to admit such belated applications of condonation of delay u/s 119(2) of the IT Act and decide on merits. 6. The Commissioners of Income-tax shall, while entertaining such belated applications in fil ..... X X X X Extracts X X X X X X X X Extracts X X X X
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